Just like BioMarin, Radius also had promising results. A Phase 3 study of its osteoporosis drug showed a significant decline in breakage for patients using the drug compared to those using the placebo. The low number of vertebrae fractures was also very promising, he said.

These two stocks are headed higher and they don't need M&A speculation to do it, Cramer added. These stocks "deserve" to move higher after these results, he said.

Positive drug news, a lack of growth in the U.S. economy and M&A are all contributing factors in a rising biotech market, Cramer concluded.

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.